Industry News

Verizon Business has unveiled its 18th annual Data Breach Investigations Report, revealing that system intrusions now account for 80% of data breaches in the Asia Pacific region, a significant increase from 38% the previous year.

The report, which analysed over 22,000 security incidents across 139 countries, underscores the escalating cyber threats facing both private and public sectors in Singapore and beyond.

The report highlights that espionage-motivated breaches are also on the rise, posing a direct threat to Singapore’s strategic sectors, including finance, technology, and biotechnology. This comes as the nation braces for increased digital and political scrutiny. The findings are based on data from global security agencies, including the Cyber Security Agency of Singapore, the US Secret Service, and Cyber Security Australia.

Verizon’s report serves as a stark reminder of the vulnerabilities organisations face, particularly with the growing reliance on third-party vendors. “The role that third-party relationships play in how and why breaches occur is noteworthy,” the report states, emphasising the need for robust cybersecurity measures.

As Singapore and the wider APAC region prepare for a period of heightened digital activity, the report provides a comprehensive overview of the cyber risks that organisations must navigate. With system intrusions and vulnerability exploitation on the rise, the report calls for increased vigilance and collaboration to bolster cybersecurity defences.

In conclusion, the 2025 Data Breach Investigations Report paints a concerning picture of the current cyber threat landscape, urging organisations to prioritise security measures to protect against the growing tide of system intrusions and espionage activities.
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Singapore’s core inflation rate has once again fallen below expectations, registering a year-on-year increase of just 0.5% in March 2025, according to UOB Global Economics and Markets Research. This figure is lower than both Bloomberg’s median estimate and UOB’s own forecast of 0.7%. The report highlights significant contractions in key Consumer Price Index (CPI) categories, including information and communication, household durables and services, and recreation, sport, and culture.

The report notes that inflation pervasiveness, which measures the share of items in the CPI basket with year-on-year inflation above 2%, has decreased to 26.8% in March from 31.2% in February. This decline suggests early signs of broad-based deflationary pressures, with approximately 38% of items experiencing a year-on-year price drop.

UOB has revised its full-year 2025 average core inflation forecast down to 0.7% from 1.0%, and its headline inflation forecast to 1.0% from 1.3%. Factors influencing these adjustments include softer sequential price increases in several CPI categories, a 10% water price hike effective from 1 April 2025, and a decline in electricity tariffs expected in the third quarter.

The report also discusses the potential for monetary policy adjustments. UOB suggests that economic growth is likely to fall below potential in 2025, with a GDP forecast of 1.5%. This could lead to a more accommodative Singapore Dollar Nominal Effective Exchange Rate (S$NEER) to cushion growth risks. The report indicates a 20% probability of an off-cycle flattening of the S$NEER slope before the scheduled July 2025 Monetary Policy Statement, which could result in looser monetary conditions.
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RHB has revised its growth forecast for Singapore in 2025 to 2.0% due to rising global tariffs impacting the trade-reliant economy.

The report, released on 24 April 2025, highlights the need for a cautious investment approach amidst these uncertainties. Analyst Shekhar Jaiswal suggests focusing on sectors with stable earnings and sustainable dividends, such as consumer staples, healthcare, and telecommunications, as well as select small-cap growth plays.

The report also notes that the Singapore Overnight Rate Average (SORA) is expected to remain low or decrease further, aligning with anticipated US rate cuts. This environment positions industrial and office Real Estate Investment Trusts (REITs) as relatively defensive investment options. Jaiswal emphasises the importance of defensive positioning whilst keeping an eye on opportunities in the market.

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In a groundbreaking initiative, Ipoh, Malaysia, is set to become a Living Lab for Integrated Ageing and Care, thanks to a collaboration between the Singapore University of Social Sciences (SUSS), Universiti Pendidikan Sultan Idris (UPSI), and Institut Darul Ridzuan (IDR). This partnership aims to develop and test holistic care models that integrate healthcare, social support, and daily life, offering a blueprint for age-inclusive urban living in ASEAN.

The initiative will embed innovation into Ipoh’s social fabric, moving beyond conventional pilot programmes. It will focus on interoperable care frameworks, inclusive tech platforms, and grassroots participation. As the capital of Perak, a state with a high proportion of residents aged 60 and above, Ipoh’s diverse urban-rural mix makes it an ideal setting for this project.

The collaboration was formalised through a Memorandum of Understanding signed by key representatives from the three institutions. Professor Tan Tai Yong, President of SUSS, stated, “Ageing is no longer just a health issue – it’s a systems challenge. By turning an entire city into a living lab, we’re breaking out of silos and showing how integration can work at the ground level, for real people.”

The project will unfold in three phases: baseline research and systems mapping, co-designed pilot implementations, and scaling and institutionalisation. This initiative is expected to benefit Ipoh residents, local service providers, policymakers, and the broader ASEAN region by providing scalable models for other cities facing similar demographic shifts. Through this partnership, Ipoh will enhance local health and social outcomes, contributing valuable insights into integrated care for ageing populations across ASEAN.
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Singapore’s employee engagement levels remain concerningly low, with only 14% of employees engaged at work, according to a recent Gallup report.

This figure is significantly below the Southeast Asia regional average of 26% and the global average of 21%. Despite a slight increase of 1 percentage point over a three-year rolling average, the numbers highlight a persistent challenge for Singaporean workplaces.

Employee engagement is crucial as it reflects the involvement and enthusiasm of employees in their work and workplace. Gallup estimates that low engagement costs the global economy a staggering $9.6 trillion, equivalent to 9% of global GDP. This underscores the importance of addressing engagement issues to enhance productivity and economic performance.

Gallup’s report also highlights best practices from organisations with higher engagement rates. These organisations boast an impressive 76% engagement among managers and 67% among non-managers. Key strategies include prioritising manager hiring and development, integrating engagement throughout the employee life cycle, and promoting employee wellbeing at work.

The findings suggest that Singaporean companies may need to adopt similar strategies to improve engagement levels. As the global economy continues to grapple with the financial impact of low engagement, enhancing employee involvement could be a vital step towards boosting productivity and economic growth.
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FairPrice Group (FPG) is set to offer over $5m in savings to NTUC Union and Link members in celebration of May Day 2025 and SG60. This initiative, the largest of its kind by FPG, will run from 24 April to 31 May 2025, providing significant discounts on daily essentials and popular beverages at FPG supermarkets and selected Kopitiam outlets.

Starting 24 April, members will enjoy a 50% discount on a new essential item each Thursday for four weeks. The first offer includes the Milo Ready To Drink Tetra Packet Drink, available at $7.80, half off its usual price of $15.60. Subsequent deals will be announced on 1 May, 8 May, and 15 May. Members can access these discounts by presenting their Link Rewards or NTUC Union card at checkout or via the FPG app.

Additionally, FairPrice Foundation is partnering with Kopitiam to reintroduce the popular 50 cents hot kopi (coffee) or teh (tea) deal at 70 outlets islandwide from 1 to 31 May. Customers need to present their NTUC Union card or use an e-voucher through the FPG app to avail of this offer.

Vipul Chawla, Group CEO of FairPrice Group, emphasised the company’s commitment to supporting Singapore’s workers amidst global uncertainty. “Our discounts are a way of giving back, ensuring that all in Singapore can access daily essentials and lead healthier, more fulfilling lives,” he said.

Caryn Lim, Assistant Secretary-General of NTUC, highlighted the importance of these savings in helping members manage their daily expenses, encouraging them to take full advantage of the campaign.
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Singapore Exchange Main Board-listed Combine Will International Limited, a prominent Original Design Manufacturer and Original Equipment Manufacturer, has inaugurated its first group-level Research and Development (R&D) Centre in Heyuan, Guangdong Province, China. Officially launched in April 2025, this facility is set to enhance the company’s innovation capabilities and tap into the expanding global toy and corporate premiums market.

The R&D Centre, spanning 750 square metres, is equipped with state-of-the-art facilities, including a prototyping lab, testing zones, collaborative workspaces, and a digital design hub. It will serve as the central hub for the Group’s R&D activities, bridging ideation and industrial-scale execution to ensure products align with evolving market demands and technological trends. Simon Chiu, CEO of Combine Will, stated, “The commissioning of our new R&D Centre marks a new milestone in our innovation journey.”

The centre is staffed by over 30 professionals, including engineers, designers, and quality assurance specialists, fostering multi-disciplinary collaboration. It will focus on developing toys and consumer products using recycled materials, aligning with the Group’s commitment to sustainability. The initiative also includes strategic patent filings for new materials and processes to safeguard proprietary designs and technologies.

According to NPD Group, the global toy market is projected to reach $1,100 billion by 2029. Combine Will’s new R&D Centre positions the company to capture a growing share of this market, strengthening its market leadership and fostering partnerships with educational institutions and tech innovators.
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Singapore-headquartered LingoAce, a leader in online education for children, has announced a major upgrade to its AceMath programme, introducing two new tiers: AceMath Honours and AceMath Competition. These additions aim to cater to diverse learning needs, from foundational skills to competitive excellence, empowering students globally to excel in mathematics.

The newly expanded AceMath programme is designed to support learners at various stages. “Since the launch of AceMath, our focus has remained on learner growth and feedback,” said Dr Yuan Zhao, Head of Maths Curriculum at LingoAce. The programme now includes a personalised, level-based learning path informed by a refined placement assessment, ensuring each student meets specific learning goals.

AceMath Advanced adapts Singapore Maths for North America, fostering critical thinking and real-world applications through small group lessons. AceMath Honours, in partnership with Art of Problem Solving, challenges students with advanced concepts and competitive problem-solving skills. AceMath Competition prepares students for international contests like the American Mathematical Competitions, focusing on essential topics and strategies.

To further enhance learning, LingoAce is launching intensive 8-week summer programmes across all levels, offering focused instruction on key concepts. Hugh Yao, Founder and CEO of LingoAce, emphasised the importance of these upgrades, stating, “We are empowering students to become critical thinkers, effective problem-solvers, and successful contributors in an interconnected world.”

Founded in 2017 and headquartered in Singapore, LingoAce continues to redefine global maths education, supported by top investors and a roster of over 5,000 certified teachers. The company remains committed to refining its curriculum and guiding learners towards exceptional academic achievements.
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Surfin Meta Digital Technologies, a Singapore-based fintech firm, has successfully completed a $265m funding round, with significant contributions from Woori Venture Partners, Washington University in St. Louis, and Phillip Private Equity. This latest round, announced on 23 April 2025, follows an initial $125m investment led by Insignia Ventures Partners in October 2024. The funds will bolster Surfin Meta’s mission to enhance financial inclusion for the unbanked and underbanked in emerging markets.

The company plans to utilise the new capital to expand its market reach and enhance its research and development efforts, aiming to create a comprehensive suite of intelligent financial products. Surfin Meta’s CEO and Founder, Yanan Wu, expressed enthusiasm about the strong investor interest, stating, “We are very excited to work with Insignia, Woori, Washington University in St. Louis, and Phillips and believe they will provide us with additional guidance and resources with which to take on this challenge.”

Alan Ang, Director of Woori Venture Partners, highlighted Surfin Meta’s progress, noting its ecosystem of technology-powered financial services across countries like Indonesia, the Philippines, India, and Mexico. Grace Tang, CEO of Phillip Private Equity, praised the company’s sustainable business model and commitment to financial inclusion.

The funding round was advised by Haitong International Securities Singapore, whose CEO, Deng Luming, remarked on the clarity of Surfin Meta’s mission and the strength of its leadership. With this financial boost, Surfin Meta is poised to continue its growth trajectory and impact in the fintech sector.
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QuikBot Technologies, a leader in autonomous final-mile logistics, has partnered with the Dubai Integrated Economic Zones Authority (DIEZ) to introduce its Autonomous Final-Mile Delivery Platform-as-a-Service (AFMD PaaS) at Dubai Silicon Oasis.

Announced at GITEX Asia 2025 in Singapore, this collaboration marks QuikBot’s entry into the Middle East market, enhancing Singapore’s reputation as a global smart urban technology exporter.

The pilot phase will see QuikBot’s delivery robots deployed in Dubai Digital Park, a mixed-use commercial zone within Dubai Silicon Oasis. The robots, designed for seamless indoor and outdoor navigation, will operate across eight four-storey buildings, including business, hospitality, and retail facilities. Future expansions will cover residential towers, a private hospital, and a university, with the Dubai Silicon Oasis Headquarters as a key testing site for enterprise-grade logistics.

Badr Buhannad, Deputy Director General of Dubai Silicon Oasis, expressed enthusiasm for the partnership, stating, “We are delighted to welcome QuikBot Technologies to Dubai Silicon Oasis and inaugurate their MENA headquarters as part of our commitment to fostering innovation and enabling future-ready technologies.”

The project aims to improve delivery efficiency, reduce operational costs, and promote sustainability, offering a scalable model for other districts. Alan Ng, Founder and CEO of QuikBot Technologies, highlighted the global impact, saying, “This collaboration demonstrates how a Singapore-designed solution can address real urban challenges on a global stage.”

QuikBot’s AFMD PaaS, featuring electric, AI-powered robots, addresses urban logistics challenges by reducing emissions and congestion. The system’s real-time route optimisation and dynamic scheduling make it a scalable solution for dense urban environments. This initiative builds on QuikBot’s successful deployments in Singapore and positions the company to expand its platform globally.
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